Bank trading and profits looking rough in US, UK

If the industry falls as hard as some are suggesting, it will be interesting to see how the conservative governments in the two countries react. Barclays is making the classically comical argument that without their heavy debt, their profits would be just fine. Uh huh. Doesn't everyone with debt say that? Across the board in areas that used to be big and flashy, their numbers are way down. In the US, Morgan Stanley only managed to cross the $100 million mark in trading one day last quarter. While that sounds like a lot (and it is) compared to a few years ago it's horrible.

Trading revenue is down for most of the top Wall Street firms. Besides their continuing obsession with trades that somehow only benefit themselves as opposed to clients, the industry is looking very weak. As I mentioned a while back, it is in the best interest of the country to have Americans investing with Wall Street since that is where retirement accounts are, but something needs to change. The Democrats missed a huge opportunity to give something back to the taxpayers who saved the pompous asses of Wall Street.

There needs to be better reform in terms of costs and benefits to consumers because it's not all about the bankers. If they want to leave (as they are threatening in London, again), let them leave but it would be in everyone's best interest to have both business and consumers winning instead of just business. Is this really such an old fashioned and unworkable idea? If it's not, perhaps enough is never going to be enough for bankers.